The Consumer Action welcomes the opportunity to comment on the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 (the Bill).

We generally do not support the amendment Bill, on the basis that, there would be a significant reduction of protections for consumers seeking financial advice. We support the position articulated by CHOICE, which has recommended the Government not proceed with the Bill, to repeal the Corporations Amendment (Streamlining of Future of Financial Advice) Regulation 2014 (the Regulation) introduced in July 2014, and for the original Future of Financial Advice reforms to stand.